Business
Pyxis Tankers Announces Financial Results for the Three Months Ended June 30, 2024
Maroussi, Greece, August 12, 2024 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (“we”, “our”, “us”, the “Company” or “Pyxis Tankers”), an international
About this update from Pyxis Tankers Inc.
[{"type":"text","content":"Maroussi, Greece, August 12, 2024 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (“we”, “our”, “us”, the “Company” or “Pyxis Tankers”), an international shipping company, today announced unaudited results for the three and six month periods ended June 30, 2024. Summary For the three months ended June 30, 2024, our Revenues, net were $13.9 million. For the same period, our time charter equivalent (“TCE”) revenues were $12.2 million, an increase of $3.6 million, or 41.9%, over the comparable period in 2023. Our net income attributable to common shareholders for the three months ended June 30, 2024, was $5.0 million, an increase of $2.3 million over the comparable period in 2023. For the second quarter of 2024, the net income per common share was $0.48 basic and $0.43 diluted compared to the net income per common share of $0.25 basic and $0.23 diluted for the same period in 2023. Our Adjusted EBITDA for the three months ended June 30, 2024, was $8.0 million, an increase of $2.7 million over the comparable period in 2023. Please see “Non-GAAP Measures and Definitions” below. On June 20, 2024, the Company paid $2.5 million for the redemption of 100,000 shares of our Series A Cumulative Convertible Preferred Stock (NASDAQ Cap Mkts: PXSAP). Upon this redemption, 100,000 PXSAP shares were canceled by the Company and it is no longer obligated to pay dividends in respect of these shares. After this partial redemption, there are 303,631 PXSAP shares outstanding, which are convertible into 1,355,496 common shares if fully converted, a reduction of 446,429 in fully-diluted common shares. On June 28, 2024, we closed on our previously announced dry bulk joint venture with an entity related to our Chairman and Chief Executive Officer for the acquisition of an 82,099 dwt eco-efficient Kamsarmax built in 2015 at Jiangsu New Yangzi Shipbuilding. The $30.0 million purchase price for the “Konkar Venture”, which is fitted with a ballast water treatment system, was funded by a combination of secured bank debt of $16.5 million, $12.0 million cash, of which the Company contributed $7.3 million in cash, and the issuance of 267,857 PXS restricted common shares to the related party seller. Pyxis owns a 60% controlling ownership interest in the joint venture. The five year amortizing bank loan is priced at Term SOFR +2.15% and is secured by, among other thing...